OLD National Bancorp IN Decreases Position in Blackstone Inc. (NYSE:BX)

OLD National Bancorp IN lessened its holdings in Blackstone Inc. (NYSE:BX) by 15.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,670 shares of the asset manager’s stock after selling 1,000 shares during the period. OLD National Bancorp IN’s holdings in Blackstone were worth $742,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. WASHINGTON TRUST Co raised its holdings in shares of Blackstone by 7.0% in the 3rd quarter. WASHINGTON TRUST Co now owns 121,358 shares of the asset manager’s stock valued at $13,002,000 after purchasing an additional 7,907 shares in the last quarter. Asset Management One Co. Ltd. raised its stake in Blackstone by 5.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 303,069 shares of the asset manager’s stock worth $40,348,000 after acquiring an additional 15,875 shares in the last quarter. Chicago Capital LLC acquired a new stake in Blackstone during the 4th quarter worth $3,734,000. Kampmann Melissa S. acquired a new stake in Blackstone during the 3rd quarter worth $2,314,000. Finally, The Manufacturers Life Insurance Company raised its stake in Blackstone by 1,722.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 504,441 shares of the asset manager’s stock worth $54,046,000 after acquiring an additional 476,768 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the business’s stock in a transaction that occurred on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total value of $27,853,407.60. Following the completion of the transaction, the insider now owns 12,802 shares of the company’s stock, valued at $142,102.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider John G. Finley sold 49,000 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $127.93, for a total transaction of $6,268,570.00. Following the completion of the transaction, the insider now owns 393,143 shares of the company’s stock, valued at $50,294,783.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the company’s stock in a transaction that occurred on Sunday, March 3rd. The stock was sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the transaction, the insider now directly owns 12,802 shares of the company’s stock, valued at approximately $142,102.20. The disclosure for this sale can be found here. Insiders sold a total of 2,587,168 shares of company stock valued at $37,816,476 over the last 90 days. Insiders own 1.00% of the company’s stock.

Blackstone Stock Up 1.7 %

BX stock opened at $124.22 on Wednesday. Blackstone Inc. has a 52 week low of $79.92 and a 52 week high of $133.56. The company has a market cap of $88.77 billion, a P/E ratio of 43.89, a P/E/G ratio of 0.98 and a beta of 1.51. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average price is $126.30 and its 200 day moving average price is $118.20.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, April 18th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.98. Blackstone had a net margin of 20.84% and a return on equity of 17.33%. The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the firm earned $0.97 earnings per share. The company’s revenue for the quarter was up 166.9% compared to the same quarter last year. On average, research analysts expect that Blackstone Inc. will post 4.82 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 6th. Stockholders of record on Monday, April 29th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, April 26th. Blackstone’s dividend payout ratio is presently 132.86%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Bank of America cut their price target on shares of Blackstone from $141.00 to $132.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Piper Sandler dropped their price objective on shares of Blackstone from $150.00 to $146.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. TheStreet lowered shares of Blackstone from a “b” rating to a “c+” rating in a research note on Thursday, January 25th. Citigroup lowered shares of Blackstone from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $116.00 to $124.00 in a research note on Friday, January 19th. Finally, The Goldman Sachs Group lowered shares of Blackstone from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $115.00 to $128.00 in a research note on Wednesday, January 3rd. Thirteen investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $122.94.

Blackstone Profile

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.